OUTLINE OF LECTURES 



ON 



POLITICAL ECONOMY 



MINOR COURSE. 



Delivered in Brtn Mawr College. 



By FRANKLIN H. GLDDINGS, A.M. 

Associate Professor of Political Science. 



1891. 



FEERIS BROTHERS, 

SEVENTH AND FUBEBT STREETS, PHILADELPHIA. 



OUTLINE OF LECTURES 



ox 



POLITICAL ECONOMY 



MINOR COURSE. 



Delivered in Bryn Mawr College. 



By franklin h.^uiddings, 

Associate Professor of Political Science. 



1891. 



/ 



/ 



3362? ) 



FERRIS BROTHERS, 

SEVENTH AND FILBERT 9TKEET9, PHILADELPHIA. 



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f. 

.6 



** 



Copyright, 1891, by Franklin H. Giddings. 



ALL RIGHTS RESERVED. 



BOOK I. 

ECONOMIC PHENOMENA AND KNOWLEDGE. 



PART I. 

ECONOMIC ACTIVITIES AND RELATIONS. 

Macvane, ehs. i., n. and in. ; Ely, Pt. I., 
chs. n., in., anil iv. 

Chapter I. — Preliminary Survey. 

§1. Provisional Data and Purpose of Economic Study. 
Newcomb, Bk. I., ch. I. ; Perry, pp. 2-7. 

Chapter II. — Wants <n><l Satisfactions. 

§2. Multiform Desires of Civilized Men. 

Block, ch. in. ; Hearn, ch. i. ; Roscher, §1, pp. 51- 
-52, especially note 2; cf. list of Articles, Customs 
Tariff; World Almanac, 1891, p. 134. 

S3. Forms of Satisfaction. 

Perry, pp. 80-84 ; World Almanac, 1-S91, Statistics 
of food products, metals and fabrics, travel and 
freight, education, libraries, churches, etc.; Atkin- 
son, pp. 33-97; Wells, chs. iv. and v. 

§4. Utility and Goods. 

Block, ch. iv.; Ely, pp. 144-145; Walker, §131; 
Say, p. 62 ; Roscher, §4 ; Jevons, ed. 1879, pp. 47- 
48j ed. 1888, pp. 43-44; Wicksteed, pp. 14-19; 
Cairnes, pp. 17-20; Clark, pp. 25-30. 

Chapter III. — Effort*. 

§5. Economic Activities. 

Andrews, §25; Atkinson, pp. 200-218; Bowker, 
ch. ii. ; Census and Labor Bureau Reports, Statis- 
tics of Occupations. 

§6. Mutual Relations of Wants, Satisfactions, and Efforts. 



§7. Subjective Cost and Subjective Value. 

Andrews, §62; Cairnes, pp. 49, 59; Laughlin, 
Elem. nf Pol. Econ . p. 112 ; Giddiugs, Pub. Amer. 
Eoon. Assn., vol. VI., pp. 41-43. 

Chapter IV. — Nature and Man. 

Walker, §§5,5-56, 59 ; Mill, Bk. I., ch. i. ; Perry, 
pp. 84-90; Newcomb, Bk. II., ch. in. 

§8. The Agency of Land and Sea. 

Andrews, §§23-24; Block, ch. xn. ; Ely, pp. 160- 
llil : Roscher, *^31-37; Hearn, ch. v.; Bowker 
pp. 127-12-s ; World Almanac, 1891, p. 138 
Patton, '• Natural Resources of the United States" 
Wells, p. 17li. 

§9. Reciprocal Relations of Nature and Man : The Factors 
of Economic Phenomena. 

Spencer, Biology, Pt. I., and Psychology, Pt. III. 

§10. Knowledge, Invention, and Labor. 

Andrews, SS26-27, and p. 34; Block, ch. xm. ; 
Hearn, cli. x. ; Ely, pp. 143-146; Roscher, §xxx., 
p. 119; Say, p. 62; Perry, p. 104 (b) Newcomb, 
Bk. II., £2; Marshall, Econ. of Industry, Bk. 1., 
ch. ii., p. 8. 

§11. Implements and Stuck. 

Andrews, S-s'2< s -'2!t ; Walker, Pt. II., ch. in. ; Perry, 
pp. 91-96. 

Chapter V. — Industry and Commerce 

§12. The Connect inn between Production and Consumption. 

(a) Direct. 

(a) Direct Cooperation. 

Mill, p. 101 ; Andrews, S43. 

(b) Indirect through Exchanges. 

Andrews, §§51—55 ; Block, ch. xxi. 

§13. Cause and Nature of Exchanges. 
Hearn, ch. xiv. 

(a) Unequal Subjective Utilities. 

Andrews, p. 106, note 3 ; Newcomb, Bk. 
III., §§1-12. 

(b) Simple Indirect Cooperation. 

§14. Exchanges in Production. 

(a) Complex Indirect Cooperation. 

Perry, p. 100 (a)-104, 116-121. 



(b) Division of Labor between Localities. 

Andrews, *4:1 ; Walker, §83, §80, §112; 
Roseher, §32. 

(c) Division of Employments. 

Block, ch. xvn. 

§15. Objective Value. 

Bonar, Qr. Jr. Econ., vol. III., No. 1 ; Denslow, 
pp. 91-99. 

§16. Contracts and Property. 

Block, ch. xix.; Holland, pp. 170-178, 210-262; 
Ely, p. 214; Newcomb, Bk. II., §§4, 5, 7, 9; Bk. 
II., ch. iv. ; Macleod, pp. 141-150. 

Chapter VI. — Money and Prices. 

SI 7. Nature and Work of Money. 

Andrews, §72-76, 82-84 ; Block, ch. xxn. ; Walker, 
§§159-168, 182-185; Mill, Bk. III., ch. iv. ; New- 
comb, Bk. II., ch. \i.; Ely, pp. 184-185; Perry, 
pp. 364-419, p. 44!) ; Roseher, §§116-120; Sidg- 
wick, Bk. II., ch. iv. 

§18. Prices. 

Block, ch. xxiv. ; Walker, §115; Mill, pp. 249- 
250; Roseher, §100; R. H. Smith. 

Chapter VII. — Wealth and Capital. 
§19. Wealth. 

Andrews, §2 ; Walker, §§4-16 ; Mill, " Preliminary 
Remarks": Newcomb, Bk. II., §3 ; Ely, pp. 146- 
148; Macleod, Bk. I., ch. in.; Perryi pp. 32-33 ; 
Macvane, chs. iv. and v. ; Sidgwick, Bk. I., ch. in. ; 
Marshall, Bk. II., ch. n. ; Clark, eh. I. ; Tuttle, 
Annals, vol. I., No. 4. 

§211. Capital. 

Andrews, §§28-29 ; Block, ch. xiv. ; Walker, Pt. 
II., eh. in.; Mill, Bk. I., chs. in. and v.; Ely, 
pp. 164-1H7 ; Perry, pp. 92-99 ; Roseher, §§42-44 ; 
Macvane, chs. vn. and VIII. ; Newcomb, Bk. II., 
§§11, 25, and 29; Sidgwick, Bk. I., ch. v.; Mar- 
shall, Bk. II., ch. v. ; Clark, Cap. and Earn., 
Amer. Econ. Asso. Pub., vol. III., No. 2. 



6 

Chapter VIII. — The Modern Organization of Commerce and 
Industry. 

Block, eh. xvin. ; Walker, §113; Mill, Bk. I., ch. 
vi. ; Newcomb, Bk. II., ch. vm. ; H. C. Adams's 
" Outline" ; Ely, Pt. I., chs. vm. and ix., Pt. II., 
ch. iv. 

§21. Markets. 

Walker, §§134-135; Bagehot, Econ. Studies, p. 25 ; 
Perry, pp. 187-138 ; Marshall, Bk. V., ch. i. ; Ibid., 
Econ. of Ind., p. 67. 

§22. Employers and Employed. 

Walker, §§106-110; Macvane, ch. ix.; Newcomb, 
Bk. II., §§35-40 ; Adams's " Outline." 

§23. Partnerships and Corporations. 

World Almanac, 1891, p. 160. 
§24. Specializations of Capital. 

Block, ch. xxv.; Newcomb, Bk. II., §31; Wells, 

p. 217, note, ch. n , and p. 420. 

§25. Extreme Division of Labor. 

Wells, pp. 94-96 ; Roscher, vol. I., pp. 186, note, 
and 188, note. 

§26. Sub-Process and Sub-Product Series. 

Clark, pp. 60 and 111 ; Clark and Giddings, chs. i.-n. 

§27. Credit. 

Andrews, §88, Block, ch. XV. ; Walker, §186, 
§§205-211; Perry, 271-360; Mill, Bk. III., eh. 
vm.; Ely, pp. 196-197; Newcomb; Bk. II., §6; 
Roscher, §§89-93. 

§28. Banks. 

Andrews, §§78, 81, 94 ; Block, ch. xxm. ; Walker, 
§§522-540, 221-223 ; Newcomb, Bk. II, chs. xn.- 
xv.; Elv, pp. 197-202 ; Perry, 286-302, 317-330; 
World Almanac, 1891, pp. 141-143. 

Chapter IX. — The Distribution of Values. 
§29. Inequality of Distribution. 

Atkinson, pp. 101-154 (especially pp. 137-138) ; 
Shearman, Forum, vol. VIII, No. 3 ; Hawley, Or. Jr. 
Econ., vol. II, No. 3 ; Giddings, Work and Wages, 
June, 1887, pp. 7, 8, 12. 



§30. Competition. 

Block, vol. I., pp. 471-475 ; Walker, §129; Perry, 
pp. 121-136 ; Clark, pp. 64-69 ; Hearn, ch. xix. 

§31. Non-Competing Groups. 

Mill, p. 209 ; Cairnes, pp. 64-69 ; Newcomb, Bk. 
II., §50 ; Giddings, Mod. Dist. Proa, pp. 25-27 ; 
Andrews, p. Ill ; Marshall, p. 279, note. 

§32. Combinations. 

Mill, pp. 108-109 ; Adam Smith, Bk. I., eh. vin. 
(pp. 69-70 of Rogers's ed. ; pp. 66-67 of McCul- 
loch's) ; Bk. IV., ch. v. (vol. II., p. 101, of Rogers's; 
p. 411) of McCulloch's) ; Clark, pp. 120-125 ; Clark 
and Giddings, chs. I. and n. ; Wells, p. 96. 

(a) Of Sellers. 

Andrews, Qr. Jr. En,,,., vol. III., No. 2. 

(li) Of Buyers. 

(c) Of Employers. 

(d) Of Employed. 

World Almanac, 1891, p. 97. 

Chapter X. — Private, Social, mid Public Economy. 

Andrews, §§31-32 ; Block, ch. xvi. ; Perry, pp. 112 
(c)-116; Giddings, Amer. Econ. Asso. Pub., vol. 
VI., No. 1, pp. 97-99. 

§33. English and German Views. 

S34. The Observed Facts. 

(a) Private Economy. 

(b) Social-Private Economy. 

(c) Slate-Social-Private Economy. 

(d) State Economy. 

Chapter XI. — Synthetic View of Economic Relationx. 
§35. Explanation of Diagram. 



PART II. 

ECONOMIC SCIENCE. 

Keynes. 
Chapter I. — The Conception and Definition of Political Economy. 

Andrews, SSI, 4; Block, chs. i. and n. ; Ely, Pt. I., 
chs. x., xi., xii. 

§36. Analysis of Economic Knowledge. 

§37. A Cognizance of Psychological States (desires and sat- 
isfactions). 

§38. Of Social Causes and Conditions. 

§39. Of Objective Means. 

(a) Immediate (goods and services). 

(b) Remote (1, land, etc., 2, invention and labor, 3, 
materials and implements, 4, organization). 

§40. Of Phenomena as Measurable. 

Jevons, Introduction ; Marshall, Bk. I., eh. vi. 
§41 . Definition of the Science. 

Newcomb, p. 10. 

Chapter II. — Historical Development of Economic Science. 

Andrews, §§5-12 ; Perry, " Political Economy," ch. 
I. ; Laughlin, Sketch of Hist, of Pol. Econ. (in his 
ed. of Mill) ; Ely, Pt. VII. 

§42. Partial Conceptions and Systems in Vogue. 

AValker, §1 ; Mill, p. 47 ; Laughlin, " Elements," 
pp. 4-5; Say, Introduction; Perry, pp. 15-16; 
Cairnes, Char, and Log. Meth., p. 26 ; Gide, pp. 2. 

§43. Political Economy Among the Greeks. 

Andrews, p. 2 ; Macleod, p. 132; Ingrain, pp. 14- 
18; Blanqui, chs. i.-iv. 

§44. The Roman Contribution. 

Ingram, pp. 18-22 ; Blanqui, chs. v.-xi. ; Morey, 
pp. 14-21, 37-40, 72-84, 198-203, 269-334. 

S45. Mediaeval Discussions. 

Ashley, ch. m.; Leon Say, p. 16. 



§46. The Mercantile School. 
Ingram, ch. iv. 

JJ47. The Physiocrats. 

Ingram, pp. 60-68; Macleod, pp. 55-70, Blanqui, 
ch. xxxii. 

§48. Turgot and Adam Smith. 

Ingram, pp. 86-106; Macleod, pp. 75-116; Leon 

Say. 

§49. The School of Condilliac. 

Macleod, pp. 117-125. 
Sol). The Psychological School. 

Jevons, Introduction ; Bonar, Qr. Jr. of Earn., vol. 

III., No. 1 ; Bohm-Bawerk, Annals, vol. I., No. 2, 

vol. I., No. 3. 

§51. Historical ami Deductive Schools. 

Walker, §§16-23; Bastial (quoted by Marshall, 
Econ. of Intl., pp. 1-2) ; Ely, Ft. I., ch! xm. ; Wo- 
lowski (in Roscher), Laveleye, New Tend.; Mar- 
shall, Introduction ; " Science Economic Discussion." 

§52. Present Views. 

Walker, §§24-44 ; Clark, ch. tn. ; Newcomb, Bk. 
[., chs. ii.— iv. ; Ely, I't. I., chs. i.. xiv.-XV. ; Sidg- 
wiek. Introduction, chs. i.— m. 



10 



BOOK II. 

ECONOMIC EVOLUTION. 

Andrews, S ;: > ; Ely, Pt. I., ehs. v.-vn. ; Hearn, 
ch. xxi. 



PART I. 

THE FIRST ECONOMIC STAGE. 

Chapter I. — Wants and Satisfactions of the First Order 

(Exixlritft ). 

Walker, §§383-389 ; Clark, p. 40. 
§53. The Economic Stages of Progress. 
§54. Poverty of Primitive Wants. 
§55. ( >rganic Genesis of Wants and Satisfactions. 
§56. Beginnings of Economic Life. 

Walker, §60 ; Morgan, eh. i. 

Chapter, II. — Association, Solidarity, Competition. 
§57. Primary Inhibitions of Competition. 
§58. Latent and Active Competition. 
§59. Balance of Competition and Solidarity. 

Krapotkin, Nth. Cent, Sept. and Nov., 1890, April, 

1891. 

Chapter III. — Beginnings of Progress. 

Spencer, Desc. Soc. 

^60. Mental and Moral Evolution (Growth of desires ; their 
social genesis ). 

§61. Progress in Simple Direct Cooperation. 

§62. Progressin the Use of Implements and Stock. 



11 

Chapter IV. — Population and Subsistence. 

Andrews, §35; Block, ch. xx. ; Walker, §§389-394 
Mill, Bk. I., ch. vii.; Roscher, Bk. V. ; Darwin 
p. 50 ; Malthas ; Bonar, Mai. and His Work, Bk. I. 
Newcomb, Bk. II., ch. vii. ; Cairnes, Char, and Log, 
Meth., Lecture VII. ; Marshall, Bk. IV., ch. iv. 
Perry, pp. 215-217 ; Ely, pp. 162-164. 

it;:;. Laws of Reproduction. 

Siieneer, Biology, I't. VI. 
§64. Limits of Subsistence. 

Mill, p. 116 ; Loria, Annul*, vol. II., No. 2, p. 68. 
§65. Uneconomic Ways of Relief. 

MacLennan. 

Chapter V. — Beginnings of Industry. 

Spencer, Desc. Sue. 
§66. Growth of Desires (especially for population). 
§67. Notions of Utility, Value, and Property ; Invention. 

§68. Systematic Labor : Division of Employment Between 

the Sexes. 
Roscher, §56. 
§69. Rudimentary Trade. 



PART II. 

THE SECOND ECONOMIC STAGE. 

Chapter I. — Wants and Satisfactions of tin Second Order 
(Power mill Plenty'). 

§70. Nature and Genesis of Wants anil Satisfactions of the 
Second Order. 

Chapter II. — Transition In Settled Life. 

Walker, §§61-63 ; Morgan, ch. n. ; Csesar; Tacitus ; 
Cunningham, §S*-13 ; Spencer, Desc. Soc. 

§71. Beginnings of Agriculture and Herding. 

§72. Communal Organization of Industry. 

Roscher, §83; Morgan, Houses and H. L., pp. 65- 
68 : Laveleye, pp. 110, 180, 182-183, 9, 204-205; 
Powell. 



12 

§73. Trade. 

Maine, V. C, p. 190; Cunningham, §§19-20. 

£74. Vocations. 

Baxter, Harper's Magazine, June, 1882. 

§75. Growth of Capital. 
Bagehot, p. 161. 

§76. The Village Community- 
Maine V.C., pp. 18, 175-177, 68-6K, 107-108, 113 ; 
Laveleye ; Gomme, chs. i.-ii., vi.-vii. ; Roscher, 
§88, note 5 ; Andrews, Charles M. ; Cunningham, 
§§17-18. 

Chapter III. — Primilivi Feudalism. 

Morgan, Houses and H. L., p. 139 ; Maine, Early 
Hist. Insts.; Laveleye, p. 46. 

§77. Lordship. 

Gomme, p. 111. 
§78. Slavery and Serfdom. 

Roscher, §§67-69 ; Youug, pp. 1-6. 

§79. The Tenure of Land. 

Cunningham, §§13-16. 

Chapter IV. — Urban Life. 
§80. Camps and Shrines. 

De Coulange, Bk. III. ; Maine, V. C, pp. 118-119 ; 
( 'unningham, pp. 67-69. 

§81. Division of Labor Between Country and Town. 
Adam Smith, Bk. III., ch. I. 

§82. The Trading Class. 

Maine, V. C. ; Hopkins, pp. 79-80, 81, note. 

§83. The Wages Class. 

Spencer, Des. Soc. ; Young, pp. 5-6. 

§84. Guilds. 

Spencer, Pol. Insts., §513 ; Hopkins, pp. 81, 96, note ; 
Delitzsch, pp. 40-41 ; Weeden, chs. n. and III. ; 
Maine, V. C, pp. 195-196 ; Brentano, p. 25 ; 
Young, pp. 57-60 ; Ward, ch. xv. 



13 



PART III. 

THE THIRD ECONOMIC STAGE. 

Chapter I. — Wants <nitl Satisfactions <f tin Third Order 
{Refinement and Variety.) 

§85. Nature and Genesis of Wants and Satisfactions of the 
Third Order. 

Clark, pp. 42-43. 

Chapter II. — National Development and International Trade. 
§86. Results of Military Expeditions. 
§87. Origins of Foreign Commerce. 
Lalor, article " Commerce." 

Chapter III. — The Preparatory Age. 

§88. The Third Economic Stage tor Many Centuries Unsta- 
ble (Civilization in a world-wide environment of sav- 
agery and barbarism). 

Blaniiui, ehs. i.-xi.; Ward. 
§89. The Nile. 

Young, pp. 6-18. 
§90. The Tigris and Euphrates. 

Young, pp. 23-26. 
§91. Eastern Mediterranean and Greece. 

Young, pp. 18-23, 26-43 ; Delitzsch. 
S92. Rome and Carthage. 

Young, pp. 43-63. 

Chapter IV. — Permanent Establishment of the Third Economic 
Stage. 

Adam Smith, Bk. III. 

§93. The West and the East (The East a civilizing envi- 
ronment ; the Western tribes simultaneously pre- 
pared for civilization;'. 

Emerton ; Blanqui, chs. xi.-xii. 
§94. The Great Feudalism. 

Young, pp. 63-70 : Cunningham, §25-31 ; Blanqui, 
eh. xm. 



1 i 

iiito. State of Europe in the Eleventh Century. 

Blanqui, cb. xiv.; Cunningham, §§23-24 ; Ashley, 
pp. 6, 68-69, 96-102, 70, §13, pp. 48, 5-6. 

Chapter V. — The Manorial Community. 
§96. Existing Evidences. 

Seebohm, eh i. : cf. Gomme. 
§97. Analytical Description. 

Ashley, pp. 6-17, 34-36, 43-45, 37-43, 21-33, 17- 

l'.i : Young, pp. 71-78. 

§98. Theories of Origin. 

Ashley, pp. l(i-17 ; Rogers, p. 39 ; Seebohm, ch. xi. ; 
Gomme. 

Chapter VI. — Social and Economic CJianges. 

Ashley, pp. 46, 20-33 ; Roscher, §§73-74. 
§99. Genesis of Landlord Class and Tenant Class. 
SlOO. Of Employer (.'lass and Wage-Labor Class. 

Ashley, p. 32. 
§101. Growing Inequality of Economic Opportunity. 

Chapter VII. — Tonus and Trade. 

List, Bk. I., chs. i. and II. ; Blanqui, chs. xv., XX., 
xvi., xvii. : Rogers, ch. iv. to §1, ch. iv., §6 to p. 
115, pp. 122-127, pp. 133-153; Cunningham, 
§§32-35. 

^102. Coordination of Country and Town. 

Ashley, pp. 68-70, 102 + 
§103. The .Merchant Class. 
§104. The Merchant Guild. 

Ashley, §7 ; Seligman, ch. i. 
§105. Foreign Trade. 

Ashlev, §13 ; Rogers, pp. 153-158 ; Cunningham, 

pp. 225-240. 

§106. Character of Mediaeval Trade. 

Ashley, ch. in. ; Cunningham, §§36-40, 41-43. 

Chaptek VIII.— The Crafts. 

§107. Differentiation of the Artisan Class. 
Ashley, pp. 76-96, §13. 



15 

§108. The (.'raft Guilds. 

Ashley, §§8—11 : Siligman, eh. ir.; Blanqui, eh. 
xix. ; Rogers, ch. iv., §§1— 5 ; Cunningham, Bk. III. 
eh. ii. f 

§109. Growing Power of the Crafts. 

§110. Merchants Become Foreign Trading Companies. 

Ashley, p. *4. 

§111. Specialization of Municipal Government. 

Chaptee IX. — Economic Condition of tht People. 
Rogers, eh. n., pp. 115-116. 

§112. Economic Condition After the Social and Industrial 
Changes. 

Rogers, pp. 128-132. chs. vi. and vn.. ch. x. to p. 
287; Cunningham, §44 ; Young, pp. 78-104. 

§113. Numbers of the Population. 

Rogers, pp. 1 17-121. 
^114. Character of Agriculture. 

Rogers, ch. in. 
Silo. Tyler's Insurrection and the Blade Death. 

Rogers, chs vm.-ix. ; Cunningham, §§45-50. 

Chapter X. — Growth of Manufactures and Commerce. 
§116. Growth of Private Enterprise. 

Cunningham, p. 222. 
S117. Breakdown of the Monopolies. 

Cunningham, pp. 240-242, p. 243. 
§118. Competitive Prices. 

Cunningham, §54. 
§119. Demand for Money as Purchasing Power. 

Cunningham, §55. 
§120. Free Capital. 

Cunuingham, £5ii; Blanqui, ch. xxx. 

Chapter XI. — The Golden Age. 

§121. Condition of the People in the Fifteenth Century. 

Rogers, chs. xii.-xui.; Hyndman, ch. i. ; Young, 

pp. 1(14-114, 115-116. 
§122. The Socialist Theory 

Hyndman. 



16 

§123. The True Explanation. 

Chapter XII. — The Iron Age. 
Blanqui, ch. xxi. 

§124. The Sixteenth Century. 

Rogers, ch. xiv. to p. 400; Young, pp. 130-133, 
116-119. 

§125. The Socialist Interpretation. 
Hyndman, eh. n. 

§126. Extension of the "Rule of the Market" to the 
( !ountry. 

Cunningham, §l>0. 

§127. Disbanding of Retainers. 

§128. Destruction of Monasteries. 

Cunningham, §59 ; Blanqui, ch. xxn. 

§129. Sheep Farming, Enclosures, and Evictions. 

Cunningham, §§57-58; Young, 119-130; Marx, 
chs. xxvii. -xxvin. ; Fisher, ch. VI. 

§130. Debasement of Coinage. 

Cunningham, S ( i4- 

§131. Causes of Sixteenth Century Evils were Generated 
in the Fifteenth. 

Chapter XIII. — The MerccmtiU System. 
Blanqui, chs. xxm.-xxix. 

§132. The Capitalist Class. 

Marshall, Bk. I., ch. in., §4. 
§133. The Migration of Towns. 

Cunningham, §61. 
§134. The New Silver. 

Cunningham, §§<>2, 63, 65. 
§135. The Mercantile System. 

Ingram, pp. 37-43; Cunningham, Bk. IV., chs. 

i. -ii. 

§136. Colonies and Navigation Laws. 

Rand, i.-n. ; Adam Smith, Bk. IV., ch. vn. 
§137. Condition of the People. 

Young, pp. 133-143, 150-154, 171-172. 



17 

§138. Causes of the Seventeenth Century Generated in the 
Sixteenth. 

Chapter. XIV. — The Eighteenth Century. 
Rogers, ch. xvu. 

§139. In England an Age of Quiet Development and 
Plenty. 

Toynbee, n. ; Prothero, ch. iv. ; Young, pp. 143, 
146-149, 154-171, 173-175. 

§140. The Population Still Agricultural. 

Toynbee, in. 
§141. Improvements in Agriculture. 

Young, p|>. 143-144; Prothero, chs. iv.-v. 
§142. Growth of Division of Labor. 

Toynbee, iv. ; Young, pp. 144-146 ; Hyndman, pp. 
71-72 : Marx, ch. XIV. 

§143. In France an Age of Oppression: Economic Causes 
of the French Revolution. 
Rand, iv. ; Blanqui, chs. xxxi.. xxxin. 

Chapter XV. — The Industrial Revolution. 

Toynbee, vin„ vr., vn. ; Rogers, ch. xvin. ; Blan- 
qui, 430-431 ; Porter. 

§144. The Decay of the Yeomanry. 

Toynbee, v.; Fisher, p. 41. 
§145. The <Trcat Inventions. 

Rand, ill.; Perry, pp. 105-112. 
§14b. The Factory System. 

Hand, xiv. ; Young, pp. 17li-178. 
$147. Condition of Labor and Growth of Pauperism. 

Toynbee, i\. ; Young, pp. 178-237 ; Engles ; Walker, 

Wages-Ques. ; Marx ch. xxiv., §5. 

§148. The Coin Laws and Free Trade. 

Morley; Rand, viii.-ix. ; Blanqui, pp. 432-435. 
§141:1. Social and Economic Results of the French Revolution. 

Rand, vi., vn., xi. ; Blanqui, ch. xxxvn., and pp. 

435-441. 

§150. The Edict of Stein. 
Hand. v. 



18 

Chapter XYI.t— Recent Economic 1 'rot/res*. 
Blanqui, ch. xlvi. 
§151. The New Gold. 

Rand, x. 
§152. The Great Wars. 

Rand, xn., xin.. xv. 
§153. The New Inventions. 

Wells, eh. ii. 
§154. Transportation and Communication. 
Wells. 

§155. Emigration. 

Mayo-Smith. 

§156. Combinations. 

Chapter XVII. — The Interpretation of Economic Evolution. 

§157. Relations of Economic Evolution to other Phases of 
Progress. 



19 



BOOK III. 

ECONOMIC PRINCIPLES. 



PART I. 
THE FUNDAMENTAL CONCEPTS <>P ECONOMIC THEORY. 

Chapter I. — The Lot/lot/ Relation* of Economic Pruiciples. 
Clark, eh. iv. 
§158. The Problems (if Economic Theory. 
§159. Economic Quantities. 

§160. Mutual Relations of Consumption, Production, Ex- 
change, and Distribution. 
Andrew*, ^17; Jevons, eh. m.; Patten, Cons, of 
Wealth; Marshall, Bk. III., eh. i. 

Chapter II. — The Concepts of Utility, Cost, mid Value. 

Cairnes, eh. I. ; Clark, eh. v. ; Perry, ch. i. ; New- 
comb, Bk. III. ch. i; Ely, pp. 177-17!). 

SI HI. Utility. 

Andrews, S'i'-' ; Walker, §§116-117; Adam Smith, 
Bk. I., ch. iv. ( p. 29 of Rogers, p. 37 of McCulloch) ; 
Bk. I., ch. xi. (pp. 182-183 of Rogers, pp. 150-151 
of Mc< lulloch i ; Say, p. 62 ; Jevons, eh. hi. ; Cairnes, 
pp. 18-20 ; Wicksteed, pp. 40-48 : Wieser, I. Thiel, 1 
Absehnitt. 

§162. Cost. 

Andrews, SS47-4K ; Cairnes. pp. 4H, 57 ; Perrv, pp. 
159-162 ; Wieser, I. Thiel, 5 Absehnitt ; < biddings, 
Amer. Econ. Asso. Pub., vol. VI., No. 1., pp. 41-4.'!, 
and quoted by Wright, Amer. Statistical Asso. 
Pub., New Series, No. 14, pp. 262-263. 

§163. Value. 

Andrews, §61 ; Block, eh. v. ; Walker, §§114-126 : 
Adam Smith, Bk. I., ch. iv. : Say, p. 62; Ricardo, 
ch i.; Mill, Bk. III., ch. [., p. '250; Perry, p. 46 ; 



20 

Macleod, vol. I., p. 252; Clark, pp. 22-25, 74; 
Jevons, ed. 1879, pp. 82-89; ed. 1888, pp. 76-83; 
Sidgwick, Bk. I., eh. n. ; Wieser, p. 33; Dietzel, 
Jahrbucher, N. F., XX., Bd. 6 ; Patten, Theory of 
Dyn. Eeon. ; Macvane, Qr. Jr. Eron., vol. V., No. 
1 ; Wagner, Qr. Jr. Eeon.. vol. V., No. 3. 



PART II. 

THE THEORY OF CONSUMPTION. 

Block, Livre V. 

Chapter I. — Tlir Nature and Forms of Consumption. 
§164. Analysis of Consumption. 

Andrews, §§49-50; Walkvr, §§381-382 ; Mill, Bk. 
I., eh. ii., §2 ; Clark, pp. 51-53 ; Newcomb, Bk. II., 
§14; Ely, Pt. V. 

Chapter II. — Thr Order and Limitation* of Consumption. 
Andrews, §§124-126'. 
§165. When Supply is Given, Unconditioned by Cost. 

Weiser, pp. 27-32; Clark, pp. 42-44, 49-50, 91-92. 

§166. When Supply is Conditioned by Labor-Cost. 

Patten, Cons, of Wealth and Theory of Dyn. 

Eeon.; Newc b, Bk. III., §§13-15 ;' Clark, pp. 

92-96; Marshall, Bk. Ill . ehs.'n., in., iv. 

§167. When Labor is Put Forth to its Full Limit. 

Chapter III. — Ultimate Causes Governing Consumption.. 
§1€8. Social Evolution of Desires and Knowledge. 

Clark, pp. 42-54. 
§169. The Function of Luxury. 

Andrews, §131 ; Block, Livre V. ; Walker, Pt. V, 

ch. n.; Clark, pp. 49-54. 

«170. The Function of Education. 

Andrews, §§127-130; Patten, Amer. Eeon. Asso- 
Pub., Vol.VL, No. 1, pp. 115-122; Hearn, ch, iw 
§3, §5; Walker, §§404-406; Ely, pp. 151-152. 



21 



PART III. 

THE THEORY OF PRODUCTION. 

Block, Livre II. ; Sidgwick, Bk. I , chs. [., [V., VI. 

Chapter I — The Nature ami Sc,,j„ of Production. 

Walker, §§45-46 ; Newcomb, Bk. II., §12. 
§171. The Creation of Objective Utility. 
£172. Analysis of Production. 
£17-'!. A Process of Coordination. 

Giddings, Qr. Jr. Earn., Vol. IV., No. 2. 
£174. Laws of Preliminary Coordination. 

£175. Respective Functions of Invention, Labor, Capitab 

and Association. 

Chapter II. — Productive ami Unproductive Labor. 

£176. Various Notions of Productive and Unproductive. 

Andrews, pp. 31-32; Mill, Bk. I., ch. n. ; Roscher, 
Vol. I., p. 178 ; Clark, pp. 10-22 ; Marshall, Vol. I., 
Bk. II., ch. in. 

• £177. Definition of Productive Labor. 

Chapter III. — Increasing and Diminishing Returns. 

Andrews, §34 ; Walker, §§49-54 ; Mill, Bk. I., chs- 
ix -x. ; Macvane, ch. xxni., §8 ; Marshall, pp. 199> 
203, 220,488, 379. 

§178. Of Land. 

Perry, pp. 153-155. 
£179. Of Labor. 

Jevons, ed. 1879, pp. 184-192; ed, 1888, pp. 167- 
177. 

§180. Of Concrete Forms of Capital. 

Giddings, Qr. Jr. Econ., Vol. IV,. No. 2, Vol. V., 

No. 2. 

Chapter IV.— The Best Usi of Land. 

§181. Consumption and Property in Relation to the Utiliza- 
tion of Land. 



22 

Walker, §§56-59 ; Perry,])]). 155(K)-159; Atkin- 
son, pp. 33-97 ; Patten, " Econ. Basis of Prot.," ch. 

XII. 

Chapter V. — The Increase and Efficiency of Labor. 

Andrews, §§35-36 ; Walker, §§61-7!) ; Newcomb, 
Bk. II., §§41-42. 

4*182. Numbers. 

Mill, Bk. I., ch. vii , Marshall, Bk. IV., eh. iv. 

§183. Endurance. 

Walker, §§65-71 ; Marshall, Bk. IV., ch. v. 

§184. Quickness and .Skill. 

Walker, §§72-75 ; Marshall, Bk. IV., ch. vi. 
§185. Mental and Moral Qualities. 

Walker, §76. 

§186. Incentive. 

Walker, §4*77-78 : Adam Smith, Bk. I., ch. vm.; 
Giddings, Mod. Dist. Proc, pp. 57-59 ; Giddings, 
Qr. Jr. Econ., Vol. I., No. 3. 

Chapter. VI.— The Function* ami Growth of Capital. 

Andrews, ^^-^-30; Block, ch. xiv. ; Newcomb, Bk. 
IV., ch. x. 

4*187. Nature and Functions of Capital. 

Jevons, ch. vii. ; Sidgwick, Bk. I., ch. v.; New- 
comb, Bk. II., 4*30; Bdhm-B-iwerk, Pos. Theory of 
Cap.; Perry, pp. 96-98; Giddings, (Jr. Jr. Econ., 
vol. IV., No. •_'. 

§188. Is Industry Limited by Capital? 

Mill, Bk. I, ch. iv.; George, Bk. I. 
§189. The Growth of Capital. 

Mill, Bk. I., chs. iv.-vm.; Sid-wick, Bk. I., ch. v.; 

Jevons, rh. vii.; Hearn, ch. ix. ; Marshall, Bk. 

IV., ch. vii.; Giddings, tyr. •■'''■ Econ., vol. V., 

No. 2 ; Giffen. 

Chapter VII. — Invention, Direction, and Organisation. 
§190. Mental Power in Production and its Supply. 

Andrews, §§42-4(i ; Walker, §§81-85 ; Mill, Bk. I., 
ch. vi. ; Marshall, Bk. IV., chs. vm.-xiii. 



23 

Chapter VIII. — The Limits of /'induction. 

Perry, pp. 136-141 ; Hearn, chs. xi., xin., xv. 
^ 1 !» 1 . Organization Limited by Extent of the Market. 

Mill, p. 107 ; A.Iain Smith, Bk. I., eh. III. 
§192. Market Limited by Standard of Consumption. 

Gunton, W. and P., Pt. I., eh. II. : Soc. Leon., Pt. I., 

eh. in. 

§193. Ultimate Limits, Heredity, History and Environment. 



PART IV. 

THE THEORY OF RELATIVE VALUES. 

Walker, SHI; Walras ; Allessio. 

Chapter I. — General View of Relativt Values. 
§HI4. Mutual Relations of Values and Costs. 

Chapter II. — The Relative Values of the Goods of Commerce. 

§195. General View of Commercial Values. 

Block, ch. xxiv. ; Walker, §§127-150 ; Mill, Bk., 
III., ch. i. ; Sidgwick, Bk. II., ch. n. ; Macvane, eh. 
x.; Perry, eh. n.; Ely, pp. 179-183. 

§196. Market Value. 

Andrews, §§63-69 ; Clark, pp. 82-86 ; Cairnes, ch. 
II. ; Neweomb, Bk. III., chs. in., vi., Bk. IV. ; 
Jevons, eh. iv. ; Wieser, I. Theil, 2 Abschnitt ; 
Marshall, Bk. V., ch. n. 

§197. Normal Value. 

Andrew.-, §65 ; Clark, pp. 96-106 ; Macvane, ch. 
xi.; Neweomb, Bk. III., chs. vii.-vm.; Cairnes, 
Pt. I., ch. in. ; Wieser, I. Thiel, 5 Abschnitt ; Mar- 
shall, Bk. V., chs. ni.-iv. 

(a) Of Goods Continuously Produced. 

(b) Of Goods Produced at Increasing cost. 
Mill, Bk. III., ch. in., SL 

(c) Under Conditions of Monopoly. 

Andrews, §§66-67 ; Macvane, eh. xn. ; Neweomb, 
Bk. III., chs. iv., ix ; Sidgwick, Bk., II., ch. n. 
§§4-5, ch. x. ; Marshall, Bk. V., eh. vm. 

(d) Under Conditions of Reciprocal Demand. 
Andrews, §68 ; Walker, Pt. III., eh. n. ; Mill, Bk. 



24 

III., eh. xin. -xiv. ; Cairnes. Pt. I., eh. in., §7, Pt. 
III., chs. i.-iii. ; Clark, pp. 110-125 ; Sidgwick, Bk. 
II., eh. in. ; Perry, eh. vi. ; Newcomb, Bk. IIL.ch. 
x., Bk. IV., eh. vi. ; Maevane, chs. XII., xxv., 
££4-8. 
(e) At Joint ( lost. 

Mill, Bk. III., eh. xii.; Marshall, Bk. V , ch. vi. ; 
Maevane, ch. xn. ; Taussig, Qr. Jr. Econ., vol. V. 
No. 4. 

Chapter III. — The Relative Values of Products and Money. 

Andrews, ££70-85 ; Block, ch. xxn. ; Sidgwick, 
Bk. II., ch. v. ; Walker, " Money " ; Jevons, "Money 
and the Mechanism of Exchange." 

§19*. Supply of Money in Relation to Price. 

Walker, SSI 69-1 75; Mill, Bk. III., ch. v. ; Mae- 
vane, ch. xin.; Newcomb, Bk. III., §21, Bk. IV., 
§§17-19; Ely, pp. 188-11)2. 

§199. Cost of Production of Coin in Relation to Price. 
Mill, Bk. III., ch. vi. ; Maevane, ch. xiv. 

§200. Gresham's Law. 

Walker, ££179-181 ; Mill, Bk. III., eh. vn. ; Perry, 
pp. 419-425 ; Newcomb, Bk. IV., ch. xi. 

§201. Ricardo's Law of Seigniorage. 

Walker, Pt. III., ch. iv. ; Ricardo, eh. xxvn. 
§202. Bimetallism. 

Andrews, £77 ; Walker, ££559-571 ; Mill, Bk. III., 

ch. vii.; Perry, pp. 415-419^ Ely, pp. 192-195; 

Maevane, ch. xvi. ; Newcomb, Bk. V., ch. iv. ; 

Laughlin, Bimet. in the U. S.; Walras, Theorie de 

la Mon. 

§203. The Tabular Standard. 

Andrews, £87 ; Walker, §§187-191, 459-464; 
Newcomb, Bk. III., ch. n. , Jevons, Mon. and Mech. 
Exch., ch; xxv. 

§204. Money and Credit: Goods and Credit. 

Andrews, §§89-93 ; Walker, Pt. III., chs. v.-vi. ;. 
Mill, Bk. III., chs. ix. -x. ; Perry, ch. iv. ; Maevane, 
ehs. xv.-xvil. ; Newcomb, Bk. IV., §18. 

£205. The International Distribution of Money. 

Walker, ££17(1-178; Mill, Bk. III., ehs. xv„ xvn. 



§206. The Foreign Exchanges. 

Walker, §§541-558; Mill, Bk. III., chs. xvi., 
xvin.; Perry, pp. 306-317; Macvane, ch. xxv. ; 
Newcomb, Bk. III.. §§54-60. 

Chapter IV.— The Relative Values of Cooperating Factors in 
Prod net it, n. 

Andrews, §§97-102; Block, ch. xxvr. ; 

Walker. Ft. IV., ch. i., SS357-360 ; Sidg- 

wick, Bk. II., ch. i. ; Clark, ch. vn. ; Ely, 
p. 213. 

5207. This Problem Distinguished from that of the Social 
Distribution of Wealth. 

5208. General Theory of Values of Cooperating Factors 

(Zurechnung). 
Weiser, pp. 07-110; Newcomb, Bk. IV., ch. v. 
§209. Theory of Determination by Marginal Productiveness. 
Andrews, §100 ; Clark, Amor. Econ. Asso. Pub., 
Vol. IV., No. 1; Annals, Vol. I., No. 1; Qr. Jr. 
Econ., Vol. V., No. 3 ; Webb, Qr. Jr. Econ., Vol. 
II., No. 2 ; Hobson, Qr. Jr. Econ., Vol. V., No. 3. 

?210. Theory of Equilibrium of Wages and Interest. 
Wood, Qr. Jr. Econ., Vol. III., No. 1. 

§211. Theory of Determination of Wages and Interest by 
Rent. 

George, Bk. III., chs. vi.-vii. 
£21 2. Law of Most Slowly Increasing Factor. 

Patten, Stab, of Prices. 

Chapter V. — Rent. 

§213. The Cause and Measure of Rent. 

Andrews, §§103-107 ; Block, ch. xxvu. ; Walker, 
Pt. IV., ch. ii., §§483-492 ; Mill, Bk. II., ch. vi. ; 
Bk. III., ch. in., §§2-3; Ricardo, ch. n. ; Carey, 
Pol. Econ., ch. iv. ; Sol. SeL, Vol. III., pp. 131-154 ; 
Bastiat, ch. xm. ; Perry, pp. 141-153, 168-177 ; 
Weiser, pp. 112-116 ; Patten, Prem. of Pol. Econ., 
ch. i., iv. ; Clark, Cap. and its Earn. ; Cairnes, 
Char, and Log. Meth.. Leet., vm. ; Sidgwick, Bk. 
II., ch. vn. ; Macvane, ch. xxiii. ; Newcomb, Bk. 
III., ch. v.; Ely, pp. 215-216. 



26 

Chapter VI.— Interest. 

i?214. Tin- Cause and Measure of Interest. 

Andrews, §§71,108-112; Block, ch. xxix. ; Wal- 
ker, Pt. IV., ch. in.; Mill, Bk. III., ch. xix.; 
Macvane, ch. XXII. : Newcomb, Bk. III., ch. xn. ; 
Ely, pp. 216-217; Perry.pp. 165-168; Si'dgwick, Bk. 
II., ch, vi.; Clark, Cap. and its Earn.; Bohm- 
Bawerk, Cap. and Int.; Wieser, pp. 121-129; 
Giddings, Qr. Jr. Econ., Vol. III., No. 4, Vol. IV., 
No. 2, Vol. V., No. 2. 

Chapter VII. — Wages. 

^'21 •"> . The Determination of Wages. 

Andrews, §§113-119; Block, ch. xxvill.; Wood, 
Annals, vol. I., No. 3 ; Walker, Pt. IV., ehs. v.-vi., 
§§453-458,42.7-438,465-482; Mill, Bk. II., ehs. 
ii., in., iv. ; Ricardo, ch v. ; Cairnes, Pt. II. ; Sidg- 
wiek, Bk. II., ehs. viii.-ix. ; Perry, pp. lt>:!-165, 
ch. in.; Newcomb, Bk. IV., ch. v. ;' Bk. IV., §§33- 
34, Appendix to Bk. IV. ; Ely, Pt, IV., ehs. n„ m., 
iv. ; Clark, ch. VIII. ; Gunton, W. and P., Pt. II. ; 
Sue. Econ., Pt. III., ch. ii.— in. ; Giddings, Mod. 
l)i>t. Proa, ch. iv. 

Chapter VIII.— Profits. 

§216. The Nature and Determination of Profits. 

Andrews, §§120-125; Block, ch. xxx. ; Walker, Pt. 
IV.. ch. iv., §§361-364; Mill.Bk. II., ch. v.; Clark, 
Mod. Dist. Proc, ch. in. ; Ely, pp. 217-220; Mac- 
varie, ch. XXI. 

Chapter IX. — The Residual Share. 

S217. The Determination of Residual Distribution. 
Walker, Qr. Jr. Econ., vol. V., No. 4. 

Chapter X. — Mutual Determinations of Relative Values. 
S21.S. Com] ilex Problems of Value. 

Mill, Bk, III., ch. n.; ch. m., $4 ; ehs. xx.-xxi. : 
Newcomb, Bk. III., ch. xi., Bk. IV.; Perry, pp. 
159-1 SO; Cairnes, Pt, I., ehs. iv. and v., and Pt. 
in. ; Sidgwick, Bk. II., ch. xi. ; Marshall, Bks. VI.- 
VII.; Macvane, ch. XIII., SS"-8, ehs. XXIV., xxvii., 
and note p. 387. 



PART V. 

THE THEORY OF PROSPEEITY. 

Chapteb I. — The Theory of Prosperity as a Division '[(Political 
Economy. 

§219. Views nt' Adam Smith ami His Predecessors. 

§220. The System of Say. 

§221. The Ricardian System. 

§222. The Historical Reaction. 

§223. Necessity of the Theory of Prosperity. 

Chapter II — Analysis <ni<l Definition of Prosperity. 
§224. A Maximum Balance of Pleasure. 
§225. The Distribution of Surplus Value. 

■Chapter III. — Impairments of Prosperity. 
Walker, SS!»!»-102. 
JjL'L't;. Impairments of Money and Credit. 

Andrews, §§89-93, 132-145; Walker, SS4:i:>-445 ; 
Perry, pp. 343-360 ; Neweomb, Bk. IV., ch. vn.; 
Bk. V., ch. v. ; Walker, Mom, Trade, and Indus. ; 
Bagehot, Lomb. Street ; Goschen, For. Ex. ; Sumner, 
Hist. Amer. Cur. ; Upton, Mon. in Pol. ; Laughlin, 
Bimet. in I'. S.; Wells. 

«;227. Reactions of Exchange. 

Walker, Pt. III., eh. vn.; Wells; Wright, Ind. 
Dep. ; Levi, Goadby and Watt; Wallace. 

^22*. Imperfect Distribution. 

Walker, Pt. IV., ch. VIII.; Sid-wick, Bk. III., chs. 
vi.-vn. ; Clark, chs. ix.-x. ; Walker, Wages Ques. ; 
Rodbertus I In Ely's " French and German Social- 
ism"); George; Gunton, W. and P., Soc. Econ. ; 
Giddings, Mod. Dist. Proa, pp. 57-59, H2-64. 

£22!*. Misdirection of Consumption and Production, 

( H I r T* 1 \ r *1 \ P 

Walker, §§105-110, 395-416; Mill, Bk. I., ch. n., 
§2; Bk. III., ch. xi.; Ely, pp. 149, 158-159, 272 
280; Neweomb. Bk. V., eh. vn. 
(b) Public. 
Mill, Bk. V., ch. v. ; Sidgwick, Bk. III., ch. vim.; 
Clark nbs. xi.-xn: Neweomb, Bk. V. ch. vn. 



2S 

Chapter IV. — Fundamental Obstacles. 
£230. The Tendencies of Population. 

Mill, Bk. IV. 
§231. The Law of Diminishing Returns. 

Macvane, eh. xxiv. 

(a) In Relation to Aggregate Satisfaction. 

(b) In Relation to Distribution of Surplus Value. 
Newcomb, Bk. IV., ch. vin. 

§232. The Ultimate Facts in Diminishing Returns. 

Chapter V. — Means of Overcoming Diminishing Returns. 

£233. Efficiency of Labor. 

Wells.' 
£234. Improvements in the Arts. 

Hearn, ch. vi. ; Krapotkin, Nth. Cent, Oct. 1888 ; 

Forum, vol. IX., No. 6. 

§235. The Mctlim] by Evasion (by changes in consumption). 

Patten, Peon. Basis of Prot. 
£230. Limitations of the Method by Evasion. 

Chapter VI. — The Coordination of Means. 

Newcomb, Bk. II., ch. x. ; Hearn, ch. xvi. 

§237. Adjustment must be through Increasing Variety in 
Consumption. 

§238. Must be to a Changing Environment. 

§239. To a Widening Environment. 

£240. A Problem of Two Variables. 

§241. The Practical Solution : The Re-Composition of Goods. 

Chapter VII. — The Necessary Conditions. 

£242. Intelligence of Working Population. 
£243. Invention. 

£244. Flexibility of Organization. 
Walker! ££103-104. 

£245. Mobility of Investment. 

Walker, £104. 
£240. An Enterprising Class. 



29 

Chapter VIII. — Self Limitation* of Enterprise. 

£247. The Ownership of Controlling Factors in Production. 
$248. The Creation of Monopoly. 
$249. Monopoly Resists Change. 

Chatter IX. — The Policy of Paternalism : Socialism. 

Walker, §§624-633 ; Mill, Bk. II., ch. i. : Clark, 
ch. x. ; Ely, Pt. IV., ch. v., and French and Ger. 
Soc. ; Newcomb, Bk. II., ch. ix., Bk. V., ch. vi. ; 
Mill, Socialistic Writings ; Rae, Cont. Soc. Lavaleye, 
Soc. of To-day, Kirkup, Inquiry: Graham, Soc. 
New and Old; Webb, Soc. in Eng. : Fab. Essays ; 
Sehiifrle, Quint, of Soc. 

§250. Grounds on which it is Advocated. 

§251. Requires a Static Organization. 

$252. An Artificial Selection of Un progressive Men. 

Chapter X. — The Policy of Protection. 

Walker, §§61 1-623 ; Mill, Bk. V., ch. vi. ; ( iairnes, 
Pt. III., ch. iv. : Sidgwick, Bk. III., ch. v.; Mar- 
shall, Aspects of Cornp. ; Newcomb, Bk. V., ch. II.; 
Macvane, ch. xxvi. and Appendix ; Perry, ch. vi. ; 
Ely, Pt. III., ch., iv.; Taussig, Tariff Hist, of the 
U.S.; Hoyt ; Shaw; Horace Greeley; Thomp- 
son ; Fawcett ; George, Prot. or Free Trade ; Pat- 
ten, Econ. Basis of Prot.; Summer, Prot. 

$253. Grounds on Which it is Advocated. 

$254. Is it Feasible as a " Dynamic Policy." 

$255. Its Relation to .Monopoly. 

§256. Its Relation to Inequality of Advantage 

Chapter XI. — The Policy of Freedom. 

Walker, §§380, 417-425; Ely, Pt. IV., chs. vi.- 
vn. ; Perry, pp. 112-11(5 ; Newcomb, Bk. V., ch. I.; 
Sidgwick, Bk. III., chs. n., hi., iv. ; Adam Smith, 
Bk. IV.; Spencer and Others, A Plea for Lib.; 
Wells; Paul Leroy Beaulieu ; Adams, Rel. of the 
State to Ind. Action ; Cairnes, " Essays." Pol. Econ. 
and Laissez Faire. 

$257. Actual Freedom of Contract. 

§258. The Root <»f Evil. 

$255). Duty of the State in Making Contracts for the People. 



80 



EXPLANATION OF REFERENCES. 



Adams, Henry C. — "Outline of Lectures Upon Political 
Economy." 
"Relation of the State to Industrial Action." 
Alkssio, Giulio. — " Studi sulla Teorica del Valore nel Camhio 

Interno." 
Andrews, Charles M. — " The Theory of the Village Commu- 
nity " Pa. Am. H. Asso., vol. V. 
Andrews, E. Ben.l — " Institutes of Economics." 

" Trusts According to Official Investigations." Qr. Jr. 
Econ., vol. III., No. 2. 
Aschrott and Preston, Thomas. — "The English Poor Law 

System." 
Ashley, W. J. — "English Economic History." 
Atkinson, Edward. — "The Industrial Progress of the Nation." 
Bageiiot, Walter. — " Economic Studies." 

" Lombard Street." 
Bastiat, F.- " Harmonies of Political Economy." 
Baxter. — "The Father of the Pueblos." Harper's Magazine, 

June, 1882. 
Blanqui, Jerome-Adolphe. — "History of Political Economy 

in Europe." 
Block, Maurice. — " Les Progres de la Science Economique 

depuis Adam Smith." 
B6hm-Bawerk, EuGEN v. — "Capital and Interest." 
"The Positive Theory of Capital." 

"Historical and Deductive Political Economy." Annul*, 
vol. I., No. 2. 

"Thi' Austrian Economists." Annuls, vol. I., No. :!. 
Bonar, James. — " Malthus and His Work." 

"The Austrian Economists and their View of Value." 
Qr.Jr. Econ.,vo\. Ill, No. 1. 
Boivkkr, R. R. — " Economics tor the People." 



31 

Brkntano, Lujo. — " The Relation of Labor to the Law of 

To-day." 
Cesar.— " De Bello Gallico." 

Cairnes, J. E. — " Leading Principles of Political Economy 
Newly Expounded." 
" Character and Logical Method of Political Economy." 
" Essays in Political Economy, Theoretical and Applied." 
Carey, H. C. — "Principles of Political Economy." 

" Principles of Social Science." 
Clark, J. B.— " The Philosophy of Wealth." 

" Capital and Its Earnings," Am. Econ. Asso. Pub., vol. 

III., No. 2. 
" The Possibility of a Scientific Law of Wages," Am. 

Econ. Asso. Pub., vol. IV., No. 1. 
" The Law of Wages and Interest," Annals, vol. I., No. 1. 
" Distribution as Determined by a Law of Rent," Qr. Jr. 
Econ.,\'o\ V., No. 3. 
Clark and Giddinos. — " The Modern Distributive Process." 
De Coulanges, Fustel — " The Ancient City." 
Cunningham, W. — " The Growth of English Industry and 

Commerce." 
Darwin, Charles. — " The Origin of Species." 
Delitzsch, Franz. — " Jewish Artisan Life." 
Denslow, Van Buren. — " Principles of Economic Philosophy." 
Dietzel, H. — " Die Klassiche Werttheorie und die Theorie vom 

Grenznutzen." Jahrbucher, N. F., XX., Bd., 6. 
Ely, Richard T. — " An Introduction to Political Economy." 

" French and German Socialism in Modern Times." 
Emerton, E. — "An Introduction to the Study of the Middle 

Ages." 
Engles, Frederick. — " The Condition of the Working Class in 

England in 1X44." 
Fawcett, Henry. — " Free Trade and Protection." 
Fisher, Joseph. — " The History of Landholding in England." 
George, Henry. — " Progress and Poverty." 

" Protection or Free Trade." 
Giddings, F. H— " The Cost of Production of Capital," Qr. Jr. 
Econ., vol. III., No. 4. 
" The Theory of Capital," Qr. Jr. Econ., vol. IV., No. 2. 



32 

" The Growth of Capital and the Cause of Interest, Qr. Jr. 

Eeon., vol. V., No. 2. 
" The Theory of Profit Sharing," Qr. Jr. Econ., vol. I. 

No. 3. 
" The Concepts of Utility, Value and Cost." Am. Econ. 

Asso. Pub., vol. VI., No. I. 
Gide, Charles. — " Principes d' Economie Politique." 
Giffin, Robert. — " The Growth of Capital." 
Goadby and Watt. — " The Depression in Trade : Its Causes 

and Remedies." 
Gomme, G. L. — " The Village Community." 
Graham, Willi a.m. — "Socialism, New and Old." 
Greeley, Horace.—" Essays Designed to Elucidate the Science 

of Political Economy." 
Gi'NTON, George. — " Wealth and Progress." 

" Principles of Social Economics." 
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